January 18th, 2013, Mumbai: Lodha Group’s luxury residential development,Codename Blue Moon at Worlisaw an unprecedented response with more than 1,000 applications representing almost Rs. 4,000 croresof sales from customers within the first 3 hours of opening the application window this morning.This is almost 2x (2 times)the no. of units which are on offer. This level of unprecedented success is making the company consider the release of fresh inventory to take care of more demand expected over the next 9 days.
Codename Blue Moon is planned for development on the 18 acre land parcel that Lodha recently acquired from DLF at 2,727 crores, making it the largest real estate transaction last year. The site is located opposite the Hard Rock Café on Pandurang Budhkar Marg, next to Shree Simandhar Swani Jain Temple. It is understood that the development will have a 6 acre park, making it the largest private garden landscape in South Mumbai. The design is being done by a Singapore based architecture firm.
The project has used adistinctive sales model where applications were invited from prospective customers stating their preference of configuration, floor band and ticket sizes. The allocations will be made using an automated allotment process, ensuring a very objective mechanism which is fair to all. Such a model is being used for the first time in luxury real estate, and is sure to change the way in which real estate is sold.
The current pre-launch consists of two projects, codenamed Alpha and Gamma and house 2, 3 and 4 bedroom residences starting at 3.2 crores. Having acquired the land for a very attractive price by market standards, Lodha is passing on the benefit to the consumers through this pre-launch opportunity.
According to Colliers International, “There has been a tremendous interest across India and overseas. The strong interest in this project is due to the excellent location, proposed premium amenities, Lodha’s brand and the competitive pricing – clients have been able to get 2 or 3 bedroom flats for the prices that would be comparable in suburbs like Goregaon or Andheri”.
“We had set out to challenge the convention in South Mumbai by offering luxury residences in an ultra-premium location at suburban rates. The unique advantage created for customers due to the sizing and pricing of the apartments is marking the entry of a large group of first-time buyers into the South Mumbai market, enablinga whole new generation of people who have so far not been able to participate in this market to live and work in South Mumbai”, said R Karthik, CMO,Lodha Group.
The success of this project sets a completely new benchmark in terms of the way luxury real estate is developed and purchased in India. It shows that there exists abundant demand for high quality developments from credible developers at the right prices points.
About the LodhaGroup:
Established in 1980, the Lodha Group is India’s No 1 real estate developer. The Group is currently developing in excess of 35 million sq. ft. of prime real estate, with over 30 projects in and around Mumbai, from Nepean Sea Road to Dombivali. The Group has further extended its promise of luxury living with successful projects in Hyderabad and Pune. The Lodha Group has several landmark developments to its credit, including World One – the world’s tallest residential tower, Lodha Bellissimo – the only Indian residential development to feature amongst the top 1000 landscapes in the world, and Palava – India’s most livable city, spread over 4,000 acres and located close to the upcoming Navi Mumbai international airport. The Group has made history by achieving the world’s first billion dollar pre-launch for Codename Bluemoon that received IPO style applicationsexceeding Rs.5,400 cr.
The Group has also recorded the biggest land deal in India till date, buying a plot for Rs. 4,053 crore, from the Mumbai Metropolitan Region Development Authority (MMRDA), 3 where it is developing New Cuffe Parade, a world-class mixed use development set to become the new city centre of Mumbai. Continuing to set new benchmarks, the Group completed acquisition of a 17-acre prime land parcel in Worlifor Rs.2,725cr., the largest realty deal in2012.
The Lodha Group has also been at the forefront of developing designer homes and luxury residences in India through global tie ups with leading brands, including Lodha Fiorenza by Jade Jagger for yoo and Lodha Evoq with interiors designed by global design icon, Philippe Starck. Pioneering new trends in the market, the Group introduced CASA by Lodha, offering the mid- income consumer luxury homes within easy reach. The Group also introduced the concept of branded office spaces, with offerings at every level, from world-class corporate offices to large- scale office campuses to signature boutique offices for growing businesses.
The Group’s tremendous success has been marked by financial investments from the finest global investors. The Group currently employs over 3,200 associates and provides site-based employment to over 25,000 workers. And going beyond its role as a premier real estate developer, the Lodha Group has been a socially responsible corporate,focusing on education as the best medium to enrich society.